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Earnings Per Share (Tables)
 6 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table sets forth the computation of basic and diluted earnings per share:
 
 
Three Months Ended September 30,
 
Six Months Ended September 30,
(in thousands, except share and per share data)
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
 
Basic Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for basic earnings per share
 
 
 
 
 
 
 
 
Net income attributable to Universal Corporation
 
$
25,264

 
$
22,465

 
$
19,788

 
$
16,518

Less: Dividends on convertible perpetual preferred stock
 
(3,687
)
 
(3,687
)
 
(7,374
)
 
(7,374
)
Earnings available to Universal Corporation common shareholders for calculation of basic earnings per share
 
21,577

 
18,778

 
12,414

 
9,144

 
 
 
 
 
 
 
 
 
Denominator for basic earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
22,777,394

 
22,675,323

 
22,755,927

 
22,649,270

 
 
 
 
 
 
 
 
 
Basic earnings per share
 
$
0.95

 
$
0.83

 
$
0.55

 
$
0.40

 
 
 
 
 
 
 
 
 
Diluted Earnings Per Share
 
 
 
 
 
 
 
 
Numerator for diluted earnings per share
 
 
 
 
 
 
 
 
Earnings available to Universal Corporation common shareholders
 
$
21,577

 
$
18,778

 
$
12,414

 
$
9,144

Add: Dividends on convertible perpetual preferred stock (if conversion assumed)
 
3,687

 
3,687

 
—

 
—

Earnings available to Universal Corporation common shareholders for calculation of diluted earnings per share
 
25,264

 
22,465

 
12,414

 
9,144

 
 
 
 
 
 
 
 
 
Denominator for diluted earnings per share
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
22,777,394

 
22,675,323

 
22,755,927

 
22,649,270

Effect of dilutive securities (if conversion or exercise assumed)
 
 
 
 
 
 
 
 
Convertible perpetual preferred stock
 
4,883,372

 
4,848,766

 
—

 
—

Employee share-based awards
 
307,390

 
326,539

 
317,414

 
287,361

Denominator for diluted earnings per share
 
27,968,156

 
27,850,628

 
23,073,341

 
22,936,631

 
 
 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.90

 
$
0.81

 
$
0.54

 
$
0.40
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The Company had the following potentially dilutive securities (stock appreciation rights) outstanding for the six months ended September 30, 2016 and 2015 that were not included in the computation of diluted earnings per share because their exercise price exceeded the market price of the Company's common stock, and thus their effect would have been antidilutive:
 
 
Six Months Ended September 30,
 
 
2016
 
2015
 
 
 
 
 
Potentially dilutive securities
 
127,400

 
133,600

Weighted-average exercise price
 
$
62.66

 
$
62.66